Disclosure of property ownership in LLC

[Mathew Allen]

Hello fellow investors,

Hopefully someone has dealt with this before. We have flipped several properties. I'm a licensed realtor so when we list them I always disclose that I'm the owner in the private realtor remarks and also in the property disclosure form. After talking with our accountant and lawyer we were advised to set up an LLC to hold the properties that we are flipping. Asset protection was the primary reason but secondly we are flipping in a small town and often find ourselves on the courthouse steps bidding on properties of people we know. All that said, my question is do I need to disclose that I'm a member of the LLC that owns the property when I list it? Thanks in advance.

[Mike Cumbie]

Yes,

I say "Listing agent has a financial interest in the property"

I also attach an addenda for them to sign.